The Institute

The stated mission of the Institute is to promote the development and discipline of Operational Risk and to foster and maintain investigations and research into the best means and methods of developing and applying the discipline and to encourage, increase, disseminate and promote knowledge, education and training and the exchange of information and ideas.

The Institute is governed by a Board of Directors (The Council) elected by its members. This single central body, known as ’The Council’ contains two types of directors; Directors without Portfolio – responsible for governance, audit and oversight on strategic direction; and Directors with Portfolio – in addition to strategic direction, have responsibility for a specific portfolio.

The section below contains a short bio for each Council Member, together with details of others assisting Council. This is followed by links to Institute documentation, including the Governance Policy and Members Handbook.


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    George Clark – Chair

    George has worked in the Financial Services Industry for over 40 years, specialising in risk over the last 15 years. Now an independent contractor/consultant, George has previously held a number of senior leadership positions in Risk, leading functions covering; Operational Risk, Compliance, Governance and Regulatory Relations. with international experience gained from working in a wide variety of countries. George also has experience of working with industry bodies having previously been involved with organisations such as APACs and Voca.

    George is a Chartered Banker and a Fellow of both the Chartered Institute of Bankers and the Institute of Operational Risk.

  • John-Thirlwell
    John Thirlwell – Non Executive Director

    John is a well-known speaker and writer on operational risk, including being co-author of Mastering Operational Risk (Financial Times Prentice Hall, 2010). For the past 20 years he has served on the boards of a number of banking and insurance companies as both an executive and non-executive director and is chairman of trustees of a small arts charity.

    He has chaired or been a member of numerous industry and regulatory advisory groups. At the British Bankers’ Association he founded and chaired the Global Operational Loss Database.

    He graduated from the University of Oxford and is a Fellow of the Institute of Operational Risk and of the Chartered Institute of Bankers.

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    Jennifer Moodie – Non Executive Director

    Jennifer is currently Director, Operational Risk and CF28 for a major UK retail bank. This means leadership of all aspects of Governance, Operational Risk Framework , appetite, culture, toolsets and reporting across the UK based group.  As a consultant prior to this she worked on delivering training and advisory work in Operational Risk under her own consulting and a consultancy specialising in Operational Risk and Control business transformation programmes wholesale banking operations.                  

    As both a line and programme manager in several roles in the Operations divisions and also regionally responsible for Business Continuity Management and Disaster Recovery running firmwide drills and command centres, Jennifer brings a broad understanding of all aspects of Operational Risk across a Financial Services firm.  As a consultant, Jennifer has worked in North America, Asia, Mainland Europe and Africa, and so had a good understanding of global as well as regional specific issues.  Jennifer focused on market risk as a consultant and creating new market risk VAR measures, including designing one of the first versions of activity based costing to maximise the efficiency and return on capital of all areas of investment banks.
    Jennifer is a Professional member of the Institute of Operational Risk and full Member of the Chartered Institute for Securities and Investment where she worked with the creation of the CISI Operational Risk qualification syllabuses and has a keen interest in education and training in Operational Risk.
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    Stephen Murgatroyd – Director Operations and Membership Services

    Stephen began his career in finance in the building society sector, working for three national societies and spending most of that time in the front line as a District Manager running groups of branches. It was here, whilst underwriting mortgages and personal credit, hiring staff and managing all the other aspects of a profit centre, that an interest in operational risk management was born. This was followed by a Post Graduate MSc course in Ergonomics, Human Factors & HCI which introduced a formal view of operational risk management, as practiced in the safety critical domains, particularly in the design of such systems. Following qualification, Stephen entered the domain of System Development and worked with financial services consultancies and then with Lehman Brothers designing socio-technical business systems for mortgage origination etc., before going freelance.

    Stephen joined the IOR in 2008. He is also a member of The ifs School of Finance, The Institute of Ergonomics & Human Factors and The Chartered Institute for IT (BCS) and is a committee member of the BCS Financial Services Specialist Group. Stephen is now managing the Membership System for the IOR which has recently been redesigned and upgraded.
  • John Chapman
    Trevor Bedeman – Director Risk and Compliance

    Partner in firm which specialises in financial risk management consultancy and training. He has over 30 years experience in financial risk management, including working for top tier banks and led a number of major UK risk data sharing schemes, including the UK retail banking credit risk sharing scheme, for which he wrote the regulations. It now has 400 companies and 400 million records. Trevor also founded the Insurance Fraud Bureau, which covers 32 general insurance companies. He gives training courses in London and Budapest including with the Finance and Leasing Association and the Banking Association for Central and Eastern Europe, and successfully lobbied to change the data sharing provisions of the Serious Crime Act 2007. He developed the IOR CPD scheme, and is working to ensure that the IOR meets regulatory standards, for example in the handling of data.

  • Michael Grimwade
    Michael Grimwade – Director Regulatory and Industry Bodies

    Michael has worked in Op Risk Management for ~20 years. He is currently International Head of Op Risk for a Securities firm, and was previously Op Risk Director for a large Wholesale & International Division and also Head of Op Risk Stress Testing in another financial organisation.

    Prior to this, Michael worked for a decade as a management consultant, focusing on Op Risk management, process improvement and cost reduction. Michael received an award in 2014, from the Institute of Op Risk, for his ‘Contribution to the Discipline of Op Risk’, primarily for his work on Scenario Analysis.

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    Caroline Tinsley – Director Local Chapters

    I am an Operational Risk professional with extensive experience, specialising in developing & embedding strategy, policy, frameworks and systems for a number of large banking and life & pension insurance sector firms. I have a reputation for delivering purpose-built risk solutions that not only meet regulatory compliance but deliver ‘value add’ through improved business processing while also empowering business owners to take greater accountability for risk management.

    I have spent over 19yrs in the Financial Services Industry working in a variety of roles within Finance, Internal Audit, Compliance & Operational Risk disciplines. In 2009, I established my own consultancy firm, specialising in the provision of operational risk services to UK Financial Services firms – with recent assignments including a number of high profile financial firms.

    I am a Fellow of the Institute of Operational Risk and founder and former Leader of the ‘Scottish Chapter’ of the IOR which I established in January 2010. In 2016 I was appointed as a Director of the IOR Council with a portfolio for the management and development of worldwide Local Chapter growth.

  • Philip Martin
    Philip H Martin – Non Executive Director

    Philip has worked in the field of operational risk for over 35 years.  Starting his career as an insurance broker with HSBC, he specialised in the provision of financial crime and liability insurances to the global financial services industry.  In 1994 he went on to establish HSBC’s Operational Risk Consulting practice and was its CEO until he left HSBC in 2004 to establish Enterprise Risk Advisors Ltd providing enterprise and operational risk management and training solutions to companies in the UK, the USA, across the Middle East, Africa and the Far East.

    In 2003, Philip was recognised by Incisive Media as one of the Global 50 leading people in the field of Operational Risk Management.  He currently serves on the Editorial Panel of Risk Universe.

    Philip has been deeply involved with the Institute of Operational Risk since its inception and has served as Chair of the Executive Committee from 2005 to 2007 and then Chair of Council from 2007 to 2010.  He was a member of the England & Wales Chapter Senior Leadership Team from 2014 to 2016.  Philip was elected as a Fellow of the Institute in 2005.

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    Elena Pykhova – Director Education

    Elena is a director and founder of her own consultancy company, and has been working with many international institutions to deliver practical solutions in Operational Risk Management. She has over 20 years experience in the financial services industry, and her former roles include Head of Global Internal Control and Group Head of Operational Risk at large international firms.

    Elena is an experienced and respected Operational Risk trainer. She runs public and in-house training courses in the UK and internationally, and delivers Operational risk executive master classes at Cambridge and Oxford Universities. She has trained hundreds of senior executives of different nationalities over the recent years.

    Elena is a member of the Council of the Association of Foreign Banks and Chair of the Operational Risk Committee. She organises and leads monthly meetings on the topics of interest, oversees working groups and committee papers on “good practices”. Passionate about Operational Risk education, Elena is responsible for further developing the Institute’s educational portfolio.

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    Caroline Coombe – Non Executive Director

    Bio to be added shortly

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    Matthew Behan – Finance Director

    Matthew is Chief Executive Officer (CEO) of Barhale Group. He joined Barhale in August 2016 to lead the strategic direction of the company and to ensure effective implementation of Barhale’s business plan. He is a Chartered Accountant and completed the Institute of Directors Chartered Director Programme. He is also a Non-Executive Director of the London based Institute of Operational Risk.

    Matthew spent five years as Group CFO and Interim CEO of J Murphy & Sons where he was a Main Board Director. Previously he was Group CFO of PJ Hegarty & Sons, a leading Irish Building and Civil Engineering Company.

Assisted by

  • Daniel Golding
    Daniel Golding – Endorsements

    Daniel Golding started his career working as a Quantitative Risk Modelling Consultant for a Fortune 500 company specialising in the delivery of insurance and alternative risk transfer solutions for financial services and energy companies. Daniel went on to work for one of the Big 4 advisory firms within the Risk Management Practice developing and implementing risk solutions across retail and wholesale banks, asset managers and insurance companies. Daniel is most recently working as the European Risk Manager for an American financial service company focused on the property and casualty insurance business. Daniel is a qualified Chartered Insurer and dedicated risk professional with over 7 years experience across quantitative and qualitative risk disciplines.